Coors posts higher third quarter sales.
Adolph Coors Company has announced higher net sales, net income and earnings per share for its 1999 third quarter.
For the 13-week quarter ended Sept 26, 1999, the company reported net sales of $544.0 million, an 8.9 percent increase from 1998. Third quarter 1999 sales volume reached 5,754,000 barrels, a 3.3 percent increase from 5,570,000 barrels sold last year. Sales to retail increased approximately 2.8 percent.
Excluding special items, the company achieved third quarter 1999 after-tax income of $25.3 million, a 21.1 percent increase from $20.9 million in the third quarter of 1998. Third quarter 1999 basic and diluted earnings per share were $0.69 and $0.68, respectively, up 19.0 percent and 21.4 percent from $0.58 and $0.56 per basic and diluted share in 1998, excluding special items.
Peter H. Coors, vice chairman and chief executive officer of Coors Brewing Company (CBC), said, "The third quarter capped a very positive summer selling season for Coors. The combined second and third quarters of 1999 represented the best summer ever for the company in volume, revenue and earnings. Given the importance of the summer to our annual results, we are pleased to achieve substantial growth in both top-line and bottom-line performance."
W. Leo Kiely III, CBC president and chief operating officer, said, "With the continued strength of our brand portfolio, we built on the solid momentum that we achieved earlier this summer and posted another strong quarter. Four of our five largest brands outpaced the industry, we increased the strength and profitability of our international business, and we maintained front-line pricing throughout the summer. We stayed focused on the basics of our business and drove record sales and earnings while investing in our brands, information systems and packaging flexibility."
Third quarter 1999 and 1998 results included pretax special charges of $5.7 million and $19.4 million, respectively. The charge this year was due to severance costs associated with restructuring the company's Engineering & Construction unit, as well as costs related to the purchase and resale of a distributorship in Colorado Springs, Colo. The 1998 charge was primarily the result of severance costs for some of the company's Golden-based production employees. Including special items, third quarter 1999 net income was $21.8 million; or $0.59 and $0.58 per basic and diluted share, up 140.5 percent from $9.1 million a year ago.
For the first three quarters of 1999, Coors reported net sales of $1.56 billion, up 7.1 percent from $1.46 billion last year. Year-to-date 1999 sales volume totaled 16,669,000 barrels, up 2.3 percent from 16,297,000 barrels last year. Excluding special items, after-tax earnings were $83.5 million, an increase of 18.9 percent from $70.2 million in 1998. Comparable 1999 year-to-date earnings per share were $2.28 and $2.23 per basic and diluted share, respectively, up from $1.94 and $1.88 a year ago. Including special items, year-to-date net income was $80.0 million, or $2.18 and $2.14 per basic and diluted share, up 37.1 percent from $58.4 million in 1998.
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|Publication:||Modern Brewery Age|
|Article Type:||Company Profile|
|Date:||Nov 22, 1999|
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